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Daily net inflows for the first Hyperliquid ETFs have grown roughly 8x since launch, reaching about $11 million on May 19, with total net assets crossing $30 million as HYPE trades at about $51.31.

Hyperliquid's Fee Engine: The ETF launch comes as Hyperliquid generates and caputres 43% of all onchain fees, roughly $11 million weekly, according to the Block, as perpetual futures continue to out-monetize nearly everything else onchain.

The Two Live ETFs: Bitwise and 21Shares are the only Hyperliquid ETFs currently trading, both providing staking. Bitwise charges a 0.34% management fee versus 21Shares at 0.30%. Today, Bitwise published the onchain addresses where it holds its HYPE, adding a layer of transparency to its holdings. Bitwise has also committed to directing 10% of all fees generated from its ETF toward buying HYPE.

More ETFs Coming: VanEck and Grayscale have both filed for Hyperliquid ETFs. Neither is live yet.